Why the U.S. is covered in strip malls

October 8

Why the U.S. is covered in strip malls

U.S. adults make about 1.3 billion visits to shopping centers each month, or roughly 62 trips per person annually, according to the International Council of Shopping Centers.

More of those consumers are going to strip malls.

While some outlets like traditional malls have struggled to retain shoppers, foot traffic to strip malls is booming. Annual visits to strip malls surged 18% last year compared with prior to the pandemic, according to data compiled by analytics company RetailStat.

The U.S. has more than 68,000 strip malls from coast to coast, according to the International Council of Shopping Centers.

Convenience, hybrid work and the increase in millennials moving to fast-growing suburbs are driving more shoppers toward the shopping centers.

“Lines are shorter because of smaller stores, parking is easier, they’re usually on your way home from dropping your kid off at school or on your way home from work,” said real estate attorney Jessica Vara of Hunton Andrews Kurth.

Retailers are trying to get a slice of the action. Macy’s announced last year it was opening 30 new small format stores in off-mall locations. The new shops, about a fifth of the size of traditional stores, offer a slimmed-down selection, according to the retailer.

But strip malls face criticism for being eyesores in their communities, adding to environmental problems and contributing to the demise of traditional business districts.

So how did the U.S. become covered in strip centers, and could the format be the future of brick-and-mortar retail?

Watch the video to learn more.

Source link

#U.S #covered #strip #malls

Pelican News

Source Link